What type of land is most profitable?

Could you elaborate on what factors should be considered when determining which type of land is most profitable? Is it purely based on location, or are there other variables like zoning regulations, potential for development, and the current market trends that need to be taken into account? Additionally, how do different types of land, such as agricultural, commercial, or residential, compare in terms of profitability, and what are some common challenges or risks associated with each?